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Nov 1st, 2010: Update 4 – Afternoon 2

Posted by pugsma on November 1, 2010

3:35 pm EST:  The ascending triangle count is the primary with the E-wave low at 1177.65.  The E-wave can go lower, but it can’t drop below the C-wave low of 1171.70.  So this is the limit for this primary count to remain valid.  Same as we’ve been discussing since mid last week when the 1171.70 low was set.  It makes no difference if it’s a contracting or ascending triangle.   The target for wave v-(5) of 3-[1]-P3 of this triangle is 1232 [i.e. 1196 + (1196-1160)].  It should take a couple weeks to reach this level.

The alternate count would be that today’s attempt to make a new high at 1195.81 is the end of wave 3-[1]-P3 and the wave 4-[1]-P3 correction is underway.  Targets for wave 4-[1]-P3 range from 1137 (38% retrace) to 1160 (23% retrace).   So far we only have three waves down for wave (a) of 4[1]-P3.  The first target for (a) is 1168. 

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ae6ecb62-dc81-4383-bb4f-14c2b60f0e80

SP-500 15-min chart (3:30 pm):  

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